Around 70 million Americas are about to receive increased Social Security Checks in the upcoming year due to the changes in the cost of living adjustment.
Boosted Social Security Income
Millions of Americans, especially seniors, are about to receive increased Social Security Income this January. Around 5 million Americans will first receive the payments this December 30 while more than 65 million will receive their boosted payments in January 2023.
The 8.7 percent increase will take effect this January. It is the largest cost of living adjustment in 40 years, according to an article published in WHSV.
Moreover, the American Association of Retired Persons (AAR) calls the increase very vital considering the soaring inflation rate that affects millions of Americans in the country.
AARP Released a Statement
David Certner of AARP said, “I think you have to understand, when you’re talking about seniors, you’re really talking about a population whose average income is less than $30,000 a year. That means you have a tremendous number who are really living on much smaller amounts. And for most seniors, Social Security is their largest source of income. And the cost of living adjustment, which is built into Social Security, is absolutely critical for people to keep up.”
He also added, “And, you know, we could talk about sort of the year-to-year changes, but it’s really super important. Now, we have this call over time and you can imagine what the impact of one year of high inflation is, but you can see what happens over a period of years. You fall further and further behind each year.”